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LAS VEGAS & SAN JOSE, Calif. & TEMPE, Ariz.--(BUSINESS WIRE)--Sep 6, 2023--

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Bitcoin’s price has crashed dramatically, amid what seems to be a broader worry in the financial markets. The world’s biggest cryptocurrency has fallen more than 7 per cent over the last 24 hours, and almost 12 per cent in the last week. Other large digital currencies saw similar falls, though not as stark. Ethereum, the second biggest cryptocurrency by market cap, has lost around 10 per cent of its value in the last week. The troubles mean that the crypto market as a whole is down 5.7 per cent over the last 24 hours, according to tracking website Coinmarketcap. Trading volumes increased sharply, too, and were up almost 80 per cent over the last 24 hours. Thursday’s drop in the price of the cryptocurrency was the biggest one day fall since November 2022. That happened when large exchange FTX collapsed, sending shockwaves through the crypto markets and leading to widespread fears. This time around, there was no obvious connection to events in the cryptocurrency market. Instead, investors seemed concern about the economy more generally, and more traditional assets were also hit by falls in recent days. Wall Street’s main indexes fell on Friday, extending declines to the fourth session on a drag from megacap growth stocks, as evidence of a resilient U.S. economy fanned fears of interest rates staying higher for longer. The three main US stock indexes are on track for sharp weekly losses as a spate of strong economic data, including a fall in weekly jobless claims, caused investors to dial back expectations of rate cuts and drove up government bond yields. The yield on the 10-year Treasury note hit a ten-month high of 4.328 per cent in the previous session and came within a whisker of its highest level since 2007. “The drivers really have been of late the rising Treasury yields and that is signaling a more risk-off investor sentiment,” said Art Hogan, chief market strategist at B Riley Wealth. “Investors are looking at (better-than-expected economic data) and saying the Fed likely isn’t restrictive enough yet.” Traders see a nearly 91% chance of the Fed holding rates at current levels at its September meeting, according to the CME Group’s FedWatch tool. On Friday, rate-sensitive big technology and growth stocks such as Apple, Microsoft, Tesla and Nvidia slipped between 0.7% and 2.8% even as Treasury yields took a breather. The communication services and technology sectors housing major growth stocks fell 1.6% and 1.0% respectively. The tech-heavy Nasdaq hit an over two-month low and is set to post the biggest weekly declines of the three major indices, down 3 per cent so far. The CBOE volatility index hit its highest in nearly three months, reflecting rising investor anxiety. Additional reporting by Reuters

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AUSTIN, Texas--(BUSINESS WIRE)--Sep 18, 2023--

The rise of artificial intelligence (AI), as well aggressive state-aligned groups pose a significant threat to critical infrastructure, the UK’s cyber security agency has said. In its annual review, the National Cyber Security Centre (NCSC) warned ongoing geopolitical challenges and AI also posed a threat to UK elections. Published on Tuesday, the NCSC’s Annual Review said the Centre, which is part of GCHQ, had seen the emergence of a new type of cyber adversary in the last year – state-aligned actors who are ideologically, rather than financially, motivated. The NCSC highlighted China and Russia as enduring and significant threats to UK cyber security, noting that many of the new state-aligned groups it had seen appear were sympathetic to Russia’s invasion of Ukraine. On artificial intelligence, the NCSC warned that the next general election in the UK, expected next year, will be the first to take place against the backdrop of significant advances in AI, which it said would enable and enhance existing challenges. The cyber security agency said that large language models (LLMs) – the technology apps such as ChatGPT are built on – would almost certainly be used to generate fake content as part of disinformation campaigns to disrupt the democratic process. Beyond the present challenges, we are very aware of the threats on the horizon, including rapid advancements in tech and the growing market for cyber capabilities Lindy Cameron, NCSC At the first AI Safety Summit, held in the UK earlier this month, industry figures and world leaders warned of the potential for AI to help cybercriminals carry out more sophisticated cyber attacks. “The last year has seen a significant evolution in the cyber threat to the UK – not least because of Russia’s ongoing invasion of Ukraine but also from the availability and capability of emerging tech,” NCSC chief executive Lindy Cameron said. “As our annual review shows, the NCSC and our partners have supported government, the public and private sector, citizens, and organisations of all sizes across the UK to raise awareness of the cyber threats and improve our collective resilience. “Beyond the present challenges, we are very aware of the threats on the horizon, including rapid advancements in tech and the growing market for cyber capabilities. “We are committed to facing those head on and keeping the UK at the forefront of cyber security.” The annual review said work needed to be done to ensure the UK kept pace with the changing threats, particularly in relation to enhancing cyber resilience in the nation’s infrastructure. Read More Private parole hearing for one of killers of James Bulger to begin Papers react to Sunak’s reshuffle ‘gamble’ over return of Cameron Thunderstorm warning in effect as downpours continue in parts of UK Immigration minister Robert Jenrick vows to see Rwanda deportation plan through Cost-of-living payments not enough to meet scale of the problem, say MPs Applications open for owners to register XL bully dogs before ban